Questions that home-buyers ask

Required Reading


  


Questions that home-buyers ask


When people are setting out to buy their first property, the questions they are likely to be asking most urgently are: 'How can I get a mortgage?' and 'How much can I borrow?' Sections 3 and 4 aim to answer these questions in as much detail as possible.

But a website such as this can only provide the most general answers. It is not a substitute for going to talk to your local building society or bank manager to find out the prospects for yourself.

Don't feel reluctant to do this -after all, it's their job to talk to you. There's no need to be particularly formal about it either: you may well find that all you need to do is present yourself at the building society counter and say 'I want to talk to someone about mortgages' although if you choose a particularly busy Saturday morning you might be asked to come back at some less hectic time.

There is a third question that you should be asking yourself at the same time as the first two. It is: 'What sort of mortgage should I get?' Santander has an excellent range of information on its website http://www.santander.co.uk.

This is a matter which, in my experience, is often glossed over by building societies and other types of financial adviser in a few sentences: 'Of course, a low-cost endowment mortgage will suit you best. It's more or less as cheap as the other and you'll have x thousand pounds for yourself at the end of the day' -or something of that sort.

But don't be rushed. Your mortgage is likely to be the biggest fact of your financial life for a long time to come: it can't necessarily be decided in five minutes. It's going to have relevance to all the other aspects of your finances -your savings, life assurance, future plans and possibly even your retirement. In Sections 5 to 8 we look at the different types of mortgage available so that you will be able to make a proper decision as to what suits you best.


Want more information on 90% mortgages

How our parents bought houses


The problem arose because this proportion changed every year, as the amount of capital in the monthly payments grew; it would have meant the building societies changing the 'net' payment required from borrowers every year.

The majority of them refused to do so, and instead instituted the 'constant net repayment' mortgage, which, as its name implies, involves constant net payments throughout the term of the loan.

This has the advantage of lightening the administrative load of the building societies although it has not been such good news for those borrowers typically first-time buyers are committing themselves to every last penny in the first few years of a mortgage.

The constant net repayment version is significantly more expensive in the early years than . . .... see: How our parents bought houses


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.